Thomas D. Wood and Company’s Sarasota, FL Office Secures $9,185,000 in Commercial Mortgage Transactions

Brad Cox

Sarasota, FL  – The Sarasota Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $9,185,000 in commercial mortgage transactions for properties throughout the state of Florida. 

  Interest rates continue to stay as low as 4.0%, contributing to the increase in successful closings.

 Senior Vice President Brad Cox, CCIM, accepted the challenge in securing financing in the amount of $1,100,000 for the Affordable Secure Self Storage in Hudson, Florida.

 The borrower wanted to refinance a loan that he used to purchase the self-storage facility from a distressed seller in 2012, and he wanted to include as collateral the adjacent property, which he was under contract to purchase for expansion purposes.

 Cox arranged permanent financing for the borrower with a three-year fixed rate and a 25-year amortization, at a very favorable interest rate of 4.25%.

Cox secured financing for the Temple Terrace Business Center in Temple Terrace, Florida, in the amount of $1,200,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company. 

For his refinance, the borrower needed to close on a specific day to satisfy the terms of his existing mortgage.  Cox structured a loan with a fixed rate of 5.05%, based on a 15-year term and 20-year amortization.

Days Inn, Fort Myers, FL

Cox obtained financing for the Days Inn Hotel and Tiki Bar in Fort Myers, Florida, through Thomas D. Wood and Company’s correspondent relationship with The Standard, in the amount of $1,925,000.

The permanent fixed-rate loan has a term of 15 years with a 15-year amortization.

Cox secured financing from The Standard for Plymouth and Regal Shopping Centers, a 70,000 square-foot retail property in Fort Myers, Florida, in the amount of $4,300,000.  The permanent fixed-rate loan has a term of 15 years with a 15-year amortization.

 Cox also secured financing from The Standard for Palm River Business Park, a 22,500 square-foot industrial/flex property in Tampa, Florida, in the amount of $660,000.  The permanent fixed-rate loan has a term of 15 years with a 15-year amortization.

Temple Terrace Business Center
Temple Terrace, FL

For a complete copy of the company’s news release, please contact:

Jessica Kinnee

Director of Marketing & Public Relations                       

Thomas D. Wood & Co.                                   (407) 374-0251                   

jessica@tdwood.com        

Griffin-American Healthcare REIT III Acquires DeKalb Professional Center Near Atlanta, GA

Dan Prosky

ATLANTA, GA – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced today that the REIT has acquired DeKalb Professional Center, an approximately 19,000-square-foot medical office building in the Atlanta suburb of Lithonia. 

 Located at 5461 Hillandale Drive, DeKalb Professional Center is in the midst of a thriving medical corridor approximately one mile from DeKalb Medical Hillandale, a 100-bed acute care hospital.

Built in 2008, the medical office building is 81 percent leased to four tenants, including RMS Lifeline and The Emory Clinic, which combine to lease approximately 60 percent of the building’s rentable space through 2018.  In total, the weighted average remaining lease term for the building is more than six-and-a-half years.

“DeKalb Professional Center was built in 2008 and is a modern medical office building located in close proximity to a premier hospital in a thriving community,” said Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III. 

 DeKalb Professional Center was acquired from McWhirter Realty Partners, LLC, an unaffiliated third party represented by CBRE’s Lee Asher and Chris Bodnar.  Griffin-American Healthcare REIT III financed the acquisition using cash on hand.  

For a complete copy of the company’s news release, please contact:

Damon Elder                                                                                              

(949) 270-9207

delder@ahinvestors.com

Berger Commercial Realty Negotiates Four New Leases at Atrium West in Sunrise, FL

Joseph Byrnes

FORT LAUDERDALE, FL – Berger Commercial Realty brokers Joseph Byrnes and Jonathan Thiel recently closed four new leases for office space at Atrium West in Sunrise.

 Byrnes and Thiel represented landlord Atrium 93, LLC in closing a 5-year, 689-square-foot lease to All Care Health Services Marketing Corp., and a three-year, 1,494 square foot lease to ISR Transit Inc.

 In addition, Byrnes and Thiel represented the landlord in closing a one-year, 1,452 square foot lease to Nilsa Rivera, P.A., and an 18-month, 770 square foot lease to Concepta Business Solutions, LLC.

Jonathan Thiel

Located at 7771 West Oakland Park Blvd., the 92,689-square-foot Atrium West office building features a completely renovated atrium, a new interior sculpture fountain, new exterior landscaping, and renovated bathrooms.

 For more information on leases and custom build-outs at Atrium West, contact Berger Commercial Realty at 954-358-0900.

For a complete copy of the company’s news release, please contact:

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Corner Bakery Cafe to Open First Wisconsin Location at HSA Commercial’s The Mayfair Collection in Wauwatosa

Timothy Blum

CHICAGO, IL — Timothy Blum, executive vice president of Retail Development for HSA Commercial Real Estate, announced that Corner Bakery Cafe will open its first Wisconsin location later this year at The Mayfair Collection in Wauwatosa, Wis.

Neo Fourno Inc., a franchise partner of CBC Restaurant Corp. owned by experienced local restaurateurs Dimitri Dimitropoulos and Peter Dimitropoulos, will operate the 4,000-square-foot location near the entrance to the project at Burleigh Street and 114th Street.

 “We couldn’t be more thrilled that Corner Bakery Cafe has chosen The Mayfair Collection as the place to introduce its brand to the state of Wisconsin,” said Blum. 

“Though it took a little patience, we believe that we have found the best possible café and coffee shop for our customers and future residents to enjoy.”

Corner Bakery Cafe will begin construction within the next few weeks and is projecting to open later this year. Neo Fourno Inc. plans to open ten new cafes in Madison and Milwaukee over the next five years.

  

For a complete copy of the company’s news release, please contact:

Mark Thomton, mthomton@taylorjohnson.com, 312-267-2523

3,279—Unit Self-Storage Portfolio Sale Arranged by Marcus & Millichap in Arnold, MO

Storage Banc self-storage portfolio, Arnold, MO

ST. LOUIS, MO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Storage Banc portfolio, a seven-property 404,578-net-rentable-square-foot self-storage portfolio with approximately 110,000 gross rentable square feet of climate-controlled warehouse space in suburban St. Louis, Mo.

The portfolio encompasses approximately 42.4 acres and consists of 3,279 storage units and 224 outdoor parking spaces. The terms of the sale were not released.

Sean Delaney

            Sean Delaney, vice president investments in Marcus & Millichap’s Chicago Oak Brook office, Brett Hatcher, senior associate in in the firm’s Columbus, Ohio office, Chico LeClaire, senior vice president investments, and Adam Schlosser, senior associate, both in Denver, represented the seller, a local private entity.

Brett Hatcher

The buyer is Sovran Self Storage Inc., a publicly traded real estate investment trust that operates its facilities under the Uncle Bob’s Self Storage® brand.

William Holman, senior associate in Marcus & Millichap’s St. Louis office, is the firm’s broker of record in Missouri. 

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap arranges sale of alcazar tower in coral gables, fl for $6.75 million

  

Alcazar Tower, Coral Gables, FL

 CORAL GABLES, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of Alcazar Tower, a three-story, 37,000-square foot office building located in Coral Gables, Florida. The asset sold for $6,750,000 representing $185 per square foot.

Douglas K. Mandel, a first vice president investments, and Benjamin H. Silver, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami Beach. 

Douglas K. Mandel

The buyer, a limited liability company from Miami, was also secured and represented by Mandel and Silver.

“Alcazar Tower represented an opportunity to acquire a one-of -a-kind office building with a brand new bank lease and an attached private parking garage,” says Silver.

“ The buyer was attracted to the value-add opportunity of improving the common areas and leasing the remaining vacant space. The new ground floor bank tenant is an ideal anchor for the property.  

"That space alone brings up the quality of the entire building and should help pave the way for a substantial increase in leasing demand.”

Originally constructed in 1986 and designed by world renowned architecture firm Arquitectonica, the property consists of 36,440 rentable square feet plus an attached private parking garage together totaling 64,750 square feet.

Benjamin H. Silver

 The building boasts attractive marble common areas, high-speed elevators, covered parking, and 24-hour security and key card security access.

Alcazar Tower has great visibility and access from Alcazar Avenue and Le Jeune Road, a main north-south thoroughfare in Coral Gables and it is just a short walk from Alhambra Avenue and Miracle Mile.  Alcazar Tower is located at 2151 Le Jeune Road in Coral Gables.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici

First Vice President/Regional Manager,

Miami, FL

(786) 522-7000

Harvard Investments Partners with Lincoln Property Company to Develop Class A Office Park in Phoenix’s Southeast Valley

  

Riverview Point rendering, Southeast Valley, Phoenix, AZ

 PHOENIX, AZ – Harvard Investments announced it will partner with Lincoln Property Company (LPC) to develop the second and final phase of Riverview Point, a Class A office project directly adjacent to the 250-acre Mesa Riverview mixed-use property in Phoenix’s booming Southeast Valley.

The new Harvard-LPC development is located on the borders of Mesa, Tempe and Scottsdale, just six miles east of Phoenix Sky Harbor International Airport and accessed via Loop 101 at Rio Salado Parkway and via two full-diamond interchanges along the Loop 202 at Dobson and Alma School roads.

Harvard Investments purchased the 19.55-acre land parcel for the new project from Montana Avenue Capital this week. In conjunction with LPC, Harvard Investments will build two new, Class A office buildings on the site: a three-story, 150,000-square-foot building and a two-story, 105,000-square-foot building. LPC will direct development of the project. It will also market the opportunity to build-to-suit prospects and anchor tenants.

Craig Krumwiede

“This project represents all of the things that make the Southeast Valley so exceptional–retail, dining, entertainment, and corporate environments, all linked by some of the state’s best educational assets and busiest transportation corridors,” said Harvard Investments President Craig Krumwiede.

“These are key elements in an investment project, and they are what will make this property a strategic opportunity for companies looking for that next great address.”

Dave Carder, Luke Walker and Eric Schultz, from the Phoenix office of CBRE, brokered the land transaction and will assist with the project’s marketing and leasing efforts. The Davis Experience serves as the project architect and Wespac Construction serves as the general contractor.

For a complete copy of the company’s news release, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Expedia.com Now Accepts Bitcoin to Give Travelers More Choice and Flexibility in Hotel Payments

Michael Gulmann

BELLEVUE, WA – Expedia.com®, the world's largest full service online travel site*, announced it is now accepting bitcoin as a form of payment for hotel purchases.

 Offering travelers another way to book online, customers can now shop from the world-class inventory of more than 290,000 bookable properties available on Expedia.com, and for the first time ever beginning today, easily pay for their hotel accommodations using bitcoin.

 “Expedia, Inc. is in a unique position, as one of the world’s leading online travel agencies, to solve travel planning and booking for our customers and partners alike by adopting the latest payment technologies,” said Michael Gulmann, Vice President, Expedia Global Product.

“We’re continually looking at ways consumers want to pay for their travel; bitcoin is a great example of how Expedia is investing early in an array of payment options to give our customers and partners more choice in the ways they interact with us.”

For a complete copy of the company’s news release, please contact:

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Chatham Lodging Completes Largest Acquisitions in Company History:

  

 PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded, select-service hotels, announced that it completed the previously announced acquisition of a 51-hotel, 6,848-room portfolio from a joint venture comprised of Cerberus Capital Management LP and Chatham in two separate transactions. 

The combined total purchase price was $1.3 billion, before capital expenditure reserves credited to the buyers of $39.7 million. 

Barclays Capital served as exclusive financial advisor to Chatham.  Wachtell, Lipton, Rosen & Katz and Hunton & Williams served as legal advisors to Chatham.

Chatham acquired four Residence Inns by Marriott® in Silicon Valley, comprising 751 rooms, as part of the sale of the 51-hotel portfolio for a net cash purchase price of $272.6 million, or approximately $363k per room. 

The transaction consists of the gross purchase price of $341.5 million less reserve credits of $15.1 million, resulting in a net purchase price of $326.4 million. 

For a complete copy of the company’s news release, please contact:

 Jerry Daly                                                                                   

Daly Gray Public Relations                                                   

(Media)                                                                                        

chris@dalygray.com

(703) 435-6293